This week, Managing Partner Richard Spector looks at the latest data from property group Rightmove, which suggests that a lack of demand for British homes continues to bolster property prices across the market.
The average asking price of UK property advertised for sale rose by more than £4,500 this month – a jump of almost 1.5 per cent, the latest figures from Rightmove suggest.
According to a report published by the estate agent, fist-time buyer and so-called ‘second-stepper’ homes have risen to all-time price highs in recent weeks, as a lack of demand for affordable homes continues to ensure values are strong.
The agent’s data reveals that the average asking price of a newly-marketed home hit £304,504 at the beginning of this month – the biggest monthly rise in more than a year.
Its report claims that prices are predominantly being driven by waning supply – which continues to fall as the spring approaches.
Richard Spector said: “The spring is traditionally a busy time for property sales and purchases, so it comes as no surprise that supply is falling now that April is on the horizon.
“Rightmove’s data reveals a record monthly surge in average asking prices, which naturally is excellent news for sellers, but perhaps not so much so for buyers – particularly those who are hoping to purchase their first home.”
About Richard Spector: Managing Partner Richard specialises in property transactions and commercial litigation. Richard has acted in a number of high-profile cases and was heavily involved in the litigation that arose from the collapse of Lehman Brothers. Richard has been involved in a number of cross-border litigation cases and recently acted successfully for the Claimants in Harlequin Property (SVG) Ltd & Anr v Wilkins Kennedy, listed in the Lawyer’s top 20 cases of 2016.
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